The Mexico City-based neobank Oyster Financial introduced its credit services for small and medium-sized enterprises (SMEs) to its business account offering. The business account from the fintech start-up lets customers request instant credit that ranges from $500 to $1,500. The startup states in its announcement that business clients can establish up to $5000 in revolving credit after opening their new account and waiting a few months. Oyster began operations in September 2018 through the joint efforts of Vilash Poovala and Gabriel Leon to fill a customer gap that traditional Mexican banks neglected.
Poovala led executive roles at Visa and PayPal before PayU and PayClip, where he worked as a former executive. The product management expert Leon spent his career at Amazon before working at both PayPal and PayClip. The startup Oyster operates with backing from a group consisting of FinTech Collective and Accel partner Kevin Efrusy, together with monashees, Redpoint Eventures, S7 Ventures, SV LATAM Capital and Ulu Ventures. In September 2020, the company achieved $14 million in funding. Oyster Neobank functions as a digital banking service that helps freelancers alongside small businesses and entrepreneurs simplify their financial administration. Oyster provides business users with a set of specialized tools to handle banking procedures alongside invoice management and expense recordkeeping.
How to create an account
The following guide explains how to establish an Oyster banking account:
Enter your personal information containing your name and email address together with business data showing your business name and type into the system.
Applications for identification verification require business and personal details along with official identification and location documents. After information verification, you need to establish your account preferences, starting with currency configurations and notification protocols. The Oyster platform lets you connect your current bank account for automatic money transfer management. You can access the dashboard to experience all the features, including invoicing and expense tracking and financial reporting on the system.
Key features of Oyster Neobank
The account system includes Multi-Currency Accounts, which enable international business operations through multiple currency management. Oyster Neobank offers invoicing features that enable users to generate professional invoices and transmit them through the platform. The system enables expense tracking through an organized method for financial management. The platform allows you to create financial reports which provide essential business health information. You can use the platform to link up with commonly used accounting software solutions for smoother financial operations.
Fees and pricing
Different pricing plans from Oyster correspond to diverse business needs despite varying specific fee amounts, which typically contain:
- The monthly subscription fee depends on which plan you select because it enables you to use all features and access support.
- Transaction Fees: Applicable to certain types of transactions, such as international transfers.
- Additional Service fees: For premium features or add-ons beyond the standard offerings.
Availabiliy
The business operations of Oyster Financial focus on serving companies in locations where it holds valid financial service licenses. Before using the platform, users must verify that it operates within their local region or country.
Oyster stands as the sole neobank serving Mexico’s second-biggest economy, which extends fast credit to businesses that drive private-sector employment through 95 percent of newly created jobs. According to Oyster co-founder and CEO Vilash Poovala.
Oyster has planned the addition of a new feature during the upcoming year, which allows businesses to make cash deposits into their accounts at numerous convenience stores, including 7-Eleven and CCK alongside Farmacias Benavides, Farmacias del Ahorro and Waldos. Most Mexicans continue to choose cash as their payment method for making transactions. The new system will enable Oyster customers to generate email links for their customers to make payments in a simplified manner during the coming months.
During the upcoming months, Oyster plans to introduce multiple new innovative solutions aiming to enhance the business profitability of small and medium business owners, according to Poovala. Oyster aims to establish long-term financial partnerships with SMB owners who seek business management through modern technology while conducting operations worldwide. Oyster customers experience unlimited free transactions across all hours because the bank does not impose additional fees like other Mexican banking institutions.
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